Browse Rent To Own Homes in North Miami, FL
Are you looking for a rent to own house in North Miami? If so, then browse the featured listings on this page, or signup to access our complete guide and listings for all lease to own properties in the North Miami area.
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Featured Rent To Buy Houses in North Miami, Florida
Browse the following featured properties in the North Miami, Florida area, or click the link on this page to get access to the complete listings for North Miami rent to own houses.
How Rent To Own Real Estate Works
Also known as a lease option, rent to buy homes are a type of owner financing tor real estate properties.
While the terms of the agreements can vary from house to house, the typical scenario is one in which the owner is looking to sell the property but is willing to accept payment over a period of time, rather than an up front settlement.
In this case, the buyer and seller both agree on the selling price of the home, and the terms of the purchase agreement, specifying things such as payment terms, interest, and length of the agreement.
Usually, owner-financed properties are paid off much sooner than a traditional bank mortgage, but by allowing the renter time to accrue equity in the house, the renter can often roll over that equity into a traditional mortgage after 1-3 years, if the need arises.
Every month the renter/buyer makes a payment to the seller. Typically, part of this payment is credited as rent, while a second part is credited towards the interest on the loan and/or equity in the home. Over time, the renter can then buy out the seller, even if the renter didn’t originally have a large downpayment or the credit needed to qualify for a traditional mortgage.
North Miami Lease Purchase Homes and Houses
While there are many advantages to lease option, or lease to purchase homes, one of the main difficulties can be in locating the currently available properties.
Many rent to own listings are never uploaded to national or local databases, since it is common for sellers to work independently and not go through a real estate agent for these transactions. It is also common for sellers of owner financed, rent to buy properties to sell their homes casually, meaning that they are interested in selling, but are in no hurry to do so, meaning the listings are not widely publicized.
To find the full list of rent to buy properties in your area, you need to sign up for a dedicated listing service, which works to identify all of the relevant opportunities within your target geographical area.
Without a reputable listing agency, finding these properties can be extremely difficult!
Sign up below to get access to one of the most comprehensive rent to own listing services in the country.
Listings for Rent To Buy Properties in North Miami, Florida
Want to enjoy all the benefits and luxuries of living in Miami without the negatives of the big city? If so then you might want to consider looking for a home in North Miami.
North Miami is a part of the greater Miami metropolitan area, and is just a stone’s throw from the downtown business districts and the beach. That makes it a great spot to live if you need to commute into the city for work, but don’t want to live downtown.
The easy access to the beautiful Miami waterways are another huge selling point, but unlike living in Miami Beach, in North Miami you don’t have to put up with nearly as many tourists or sky rise hotels.
That means you can have the party atmosphere on the sand when you want, or enjoy a night out on the town at some of Miami’s hottest clubs, but then relax at home in a quieter area of the city when you don’t feel like going out.
Purchasing a home in North Miami is not the most affordable option, however, if you’re on a tight budget. While it is cheaper than some other areas of Miami, you’re still in the heart of one of America’s most popular cities, and the real estate prices often match that allure.
The good news is that prices have stabilized after the Great Recession that struck South Florida so hard a few years ago. This means that you won’t be bleeding through the nose to live their like you would have had you purchased back in 2007, but neither are you faced with a slew of empty condominium buildings like what happened during the string of foreclosures throughout the recession.
It also means that it’s a good opportunity for investment, as you can balance realistic prices for the area with the continued appeal of a great city, and rest assured knowing your home will appreciate in value over the long haul.
To browse the rent to own home listings for North Miami, FL, click the link on this page!